Telia's Loss of a 3G License
Is Boon for Sweden's Winners

Edited by Hugo Dixon

Updated Dec. 18, 2000 12:01 a.m. ET

Telia has been weakened. What's more, the operation has been carried out by its own controlling shareholder, the Swedish state. By denying Telia a third-generation mobile license, the Swedish authorities have cut the company off in its prime. As a demonstration of the independence of the regulatory process, this may be a wonder to behold. But, for investors who bought shares in Telia's initial public offering during the summer and who are already sitting on a big loss, it is sickening.